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Personnel Budget Processing and Compensation Management

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Discuss the personnel budget process and explain how it relates to compensation management.

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The solution addresses personnel budget processing and compensation management.

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Overview

Compensation management is the most significant aspect employment. If a company pays poorly, the high qualified candidates will stay away. If a company is generous with its compensation, the hiring pool will be vast.

Personnel Budget Process

Company management meets and discusses the operational budget for the year. The job of the Human Resources manager is to advise what each position's competitive salary is and what benefits are being offered at companies in the same class and size.

Each department is allocated a budget for personnel with guidelines as to ...

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